SUCCESS & INSPIRATION FOR ENTREPRENEURS

SUCCESS




You have heard the expression - “delegate” so you are working on your business not in your business.”  That works if your business is at the place where you can do that.  When you are just starting up it may not be such a great idea.

The reason being that when you are just starting out with your business it’s important that you know every facet of it.  That’s why you will hear some seasoned entrepreneurs and some investors saying that the worst thing you can do when you are at the beginning of a business is to have a lot of money to throw at it.  That might work for awhile but if anything is going wrong with the business and you are not familiar with how that particular aspect of it should be performing and how to diagnose what went wrong it can continue to go down the wrong path and you could lose it altogether.

We’re all seen the old movies and heard the old stories of the son of a wealthy businessman comes into the business and starts out in the mailroom much to their dismay.  Why would anyone do that to their son or daughter?  Because they are experienced and seasoned business people and they know that someone coming into, taking over or starting a business MUST know every facet of it from the most mundane tasks like the mailroom which will show them how information flows within the various departments or people.

Remember all of the dot.coms that went belly up?  They had grand designs, great stories and brilliant futures.  The one thing they didn’t have was substance.  And no one knew how to create a business that did have substance.  When the hype wore off the businesses imploded. In fact, some of them really didn’t have ay product at all they were just cool ideas.

So if you are being urged to “work on your business, not in it” make sure it’s after you have seen to every nuance of your business.  And you can answer questions about every part of it even the really mundane things. When it’s up and running smoothly and it has a track record then you can turn things over to qualified, tested people.  But even then  you had better keep an eye an each aspect  even though someone else is the head of that department.  Never lose touch with every aspect of your business and sometimes it’s good to drop into an office or a factory or whatever your business is comprised of to update yourself.  Not to check on others but to keep current with what is going on. As the owner you are the vision keeper.  You know where you are going.  However, there may be times that one of your employees actually comes up with a better more effective way to do something.  But only you knows if it will get you where you want it to go. They may even help you to refine your vision and see things in a different light.  

In the long run, it’s all about balance and being aware of what your business is really doing.

INSPIRATION

    7 Tips for Effective Delegation

By Alyssa Gregory


Many small business owners become jacks-of-all-trades and do a little bit of everything when it comes to managing their businesses. This versatility can be a tremendous asset when first starting a business. As time goes on, however, the small business owner who continues to do everything him or herself will hit what I call the success stopping point.

1. Analyze Your Needs First

Knowing what to delegate requires a clear picture of everything you have on your plate. The best way to figure out where your time is going, especially time that's going where it shouldn't be, is by tracking for both billable and non-billable work.This alone can be a powerful tool for identifying potential tasks to delegate, and even tasks to eliminate from
your business.

2. Explore Your Options

The most effective delegation system is one that you can trust and will grow and change as your needs grow and change.

Two of the most common delegation options include hiring an employee and outsourcing to an independent contractor such as a virtual assistant.

3. Document Everything

Before you even begin delegating, you will need to start tracking all of the information, knowledge and processes that make your business run like a well-oiled machine.. Having comprehensive and clear documentation is essential in order to delegate effectively.

All of your processes and systems should include a clear written summary so any future member of your team can jump in and pick up where you left off. These process documents and any other information needed should be located in a central location that is accessible by everyone.

4. Develop a Prioritized Assignment Plan

After your processes have been documented and you've created a system for sharing that information, you will need to think through your top delegation priorities and how you will assign, track and manage the delegated work.

You can identify a list of potential high-priority delegation items by answering these two simple questions:

    Does this need to be completed now?
    Do I need to do this task myself or can someone else?

5. Use Technology

Technology can make delegation easy and help teams overcome many different challenges. If you are building a virtual team with members in different geographic locations, technology can make it feel like all of your team members are sitting in the same room.

6. Communicate Well and Often

Good communication is vital for every type of team. Without it, there isn't a team. When it comes to effective delegation, not only does communication need to be clear, concise and consistent, but you also need to make sure each team member has access to the same information.

One of the ways to accomplish this is by scheduling ongoing face-to-face meetings, or team-focused teleconferences. These sessions should be focused on collaboration, information sharing and team building. It's also important that you remain accessible in between team meetings to answer questions, provide guidance and help solve problems when necessary.

7. Cultivate Trust

Trust is one of the most important factors when it comes to delegation, and it goes both ways. You need to trust that your team members will complete the work they are responsible for, and your team members need to trust that you are giving them all of the information they need to do the work and that you will be available to back them up when necessary.

As in everything in life sometimes we’re in charge and sometimes we are the student of someone who has a different take on things.  

Happy balance.  And remember PITCH U now begins Jan.25, 2017 with only 6 slots left!  Apply:  www.entrepreneurmindworld.com/pitch-u.html

Best to you,
Dianne

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